Most Underused Tax Deductions

Did you know that most people do not use the deductions that they are eligible for. Neglecting to take your deductions on your tax return is like leaving money on the table, or a better analogy would be - leaving 100 dollar bills in your trouser pockets and then putting it into a washer. No one else but you will loose!
Not a pretty tax scenario - right ?

According to Turbotax in 2009 more than 45 milliion people itemized their deductions and claimed 1.2 trillion in tax deductions. But the people who used standard deductions claimed 747 billion. What does this mean ? There is a possibility that people who claimed standard deductions could have gone through the effort to itemize their deductions and kept more money in their pockets.

Sometimes itemizing your deductions could yield more in a tax refund, but not always ! You can easily find out whether itemizing is more beneficial by using a program like Turbotax or HR Block

Coming back to the topic of underused deductions- You can read the complete article here on the Turbotax site : Most Underused Deductions